Apple’s stock market boom marked a new phase as its value exceeded the entire FTSE 100 value of UK listed companies.

The iPhone maker’s market value reached $ 2.2 trillion (£ 1.6 trillion) after a “stock split” – a move that makes owning its own more expensive shares within the reach of ordinary retail investors.

Tech stocks like Apple have helped US indices reach new highs recently despite the global economic devastation it has wrought Corona Virus pandemic.

In contrast, the FTSE 100, while partially recovering from the sharp decline seen at the start of the epidemic in the spring, has yet to recover to its pre-Covid peak.

The London blue chip index saw another gloomy session on Tuesday, dropping more than 1% in part thanks to the pound’s rally against the weak dollar.

The strong pound against the dollar tends to hit the FTSE index as it undervalues ​​the pound’s value for corporate earnings in dollars abroad.

Among the biggest losers in the UK index on Tuesday was the beleaguered Rolls-Royce – which has had a rough time since announcing a record £ 5.4 billion. Half a year is a loss Last week – and the International Airlines group that owns British Airways, another company crushed by the gloom surrounding the aviation sector.

Britain’s FTSE 100 Index also lacks the cutting edge excitement of Wall Street darlings like Apple, Facebook and Amazon – stocks that have been doing well despite the shutdown or even because of the lockdown.

The FTSE Index, whose companies include heavyweight global players including banking giant HSBC, oil giant Royal Dutch Shell and consumer giant Unilever, is valued at around £ 1.5 trillion.

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The latest increase in shares of the California-based company came after that last month Topped $ 2 trillion in value for the first time.

On Monday – with US markets opening but London closed – it enjoyed further gains after the stock split 4-1.

The split process split each $ 500 stock into four, each valued at around $ 125, with the idea of ​​making individual stocks more accessible to small investors.

Don’t make the total value of the share cheaper.

Stocks rose again, to more than $ 130, early in trading Tuesday, after a report that Apple asked suppliers to manufacture at least 75 million iPhone 5G devices later this year.

Demand for US tech stocks was partly driven by an influx of cheap money that the US Central Bank has created to support the economy as it recovers from its biggest recession since the Great Depression.

Market data appears to show Apple overvalued the FTSE 100 at some point in late August, though exact timing is difficult due to the fluctuation of the pound’s value against the dollar.

“There are good reasons for the latest stock price advance,” said Ross Mold, director of investment at AJ Bell.

“Like many tech companies, Apple had ‘good’ insurance – if such a thing was possible – as its services and capabilities helped people a lot in their time of need.

“The app ecosystem means customers are more cohesive and more loyal than ever, and the shutdown means we rely on the power of mobile devices more than ever.

“Additionally, the company has a net cash balance sheet and is still paying dividends at a time when rock-bottom interest rates mean many investors are scrambling to find reliable income.”